TRON led the growth of stablecoin market cap over the past week, with an increase of US$ 1 billion, more than ten times that recorded by any other network in the period, according to Token Terminal data released by AMBCrypto.
BNB Chain, Aptos, and Avalanche followed, with US$ 85 million, US$ 82 million, and US$ 73 million, respectively. Stellar Lumens, Arbitrum One, and Robinhood Chain also appeared on the list.
Among issuers, United Stables led with US$ 106 million, followed by Paxos, Anchorage Digital, Aave Protocol, Ethena, and World Liberty Financial, which rounded out the top five. XRP Ledger added US$ 23.4 million.
DEX volume hits peak
Stablecoin volume on decentralized exchanges (DEX) reached US$ 40.37 billion on August 10, the highest daily level of the month. On Robinhood Chain, volume was US$ 366 million on the same day, with US$ 193.2 million in ETH-stablecoin pairs, more than half of the total.
More than 50% of daily stablecoin volume on Robinhood Chain was traded in pairs with cryptocurrencies such as Bitcoin, Ethereum, XRP, and Solana, indicating traders rotating into those assets.
Dominance in decline
Despite market cap growth, stablecoin dominance has retreated. Since early July, total dominance fell from 14.79% to 14.10%, while USDT dominance fell to 8.445%.
The decline comes amid a recovery in the total cryptocurrency market cap, which rose from US$ 2.15 trillion to US$ 2.19 trillion, with more than US$ 40 billion added in August. Market sentiment is still fearful, but improved from the extreme fear of last month.
